Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Part of the article:
"Africa Oil — which has an indirect 6% stake in Venus through part ownership of Impact Oil & Gas — said that results from Venus-1X are 'expected to be confirmed by the Venus-1A drill stem test [DST] programme'. "
......
"An earlier production test on the Venus-1X discovery well met expectations, so the clear hope among partners — which also include QatarEnergy and state oil company Namcor — is that these results will be matched by Venus-1A.
One knowledgeable source last week said that “big” flares had been reported at the Deepsea Mira.
This was confirmed by Africa Oil’s recently appointed chief executive Roger Tucker, who said there were “major flares” at the well location.
These flares, he explained, disappeared and reappeared on satellite images as TotalEnergies switched the flow of hydrocarbons off and on to assess pressure build-up in the reservoirs.
“So, we’ve tested hydrocarbons to surface at the Venus appraisal well,” Tucker told analysts during the company’s third-quarter conference call late last week.
Upstream understands the flares were visible on about a dozen separate occasions between 9 and 12 November.
Tucker said: “We would expect to see results in the next couple of weeks.”
TotalEnergies chief executive Patrick Pouyanne recently said that Venus is a commercial project and would be developed.
https://www.upstreamonline.com/exploration/totalenergies-completes-critical-flow-tests-on-huge-namibian-discovery/2-1-1557001?fbclid=IwAR3BOkLk2z7PAjOoZHgistRZJ7r9ufr4Plk2_z1mQ1ybKYYyVeZi8qGODig
Part of the article:
"Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said: “We have always been very involved with the exploration and interpretation of the block, and our experienced team will step directly into operatorship to finalise target selection.”
Discussing the wider offshore exploration scene in Guyana, he said nearly 10 years of exploration has generated Cretaceous discoveries holding close to 11 billion barrels of recoverable oil.
“Our team has a good understanding of the Cretaceous play and we have a great deal of confidence in drilling our first well, targeting a stacked pay target in this well- proven horizon.”
Kinley said Eco Atlantic is now looking for partners in this high-value play and has started a formal farm-out process.
“Recent interest from supermajors and other well capitalised energy companies in the latest licencing bid round in Guyana for blocks up-dip of us, supports our thesis of the oil migration and the high quality and charged reservoirs we see on our block,” he argued."
https://www.upstreamonline.com/exploration/junior-player-opens-doors-in-partner-hunt-for-tantalising-guyana-block/2-1-1555318?fbclid=IwAR2HTMVYwXgLq6jnaTwCH9Yj6DymvwuLG95q0DSZZWEsBgc-8ySuBZn_Po4
Don't hold any currently but will be buying back hopefully before any farm out/drill announcement. With govt sign off I'd be surprised if there are not some interested parties keen to know more if not champing at the bit
Damned if you…Damned if you don’t!
I don’t understand the negativity to the rns…. If Eco didn’t take the TLW % then we have an indefinite wait in Guyana….
At some point- I don’t know when- ECO will start drilling…in Guyana & Africa…I’m holding onto my stock for those events…
That the majors (including partner Total)have ignored/rejected Orinduik, which was available from TLW for several years, and have preferred going for new blocks doesn’t strike me as a positive. I do hope ECO can eventually and successfully farm out to a decent operator, but won’t hold my breath.
Usual jam tomorrow blah blah
Taken from the RNS. Just read the bits I put in capital letters.
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
"We are very happy to have support from the Minister of Natural Resources and the Government of Guyana and their approval to transfer 60% of the Working Interest and Operatorship of the Orinduik Block to Eco. We have always been very involved with the exploration and interpretation of the Block, and our experienced team will step directly into Operatorship TO FINALIZE TARGET SELECTION.
"After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 Billion Barrels of recoverable oil, our team has a good understanding of the Cretaceous play and we have A GREAT DEAL OF CONFIDENCE IN DRILLING OUR FIRST WELL, TARGETING A STACKED PAY TARGET in this well proven horizon. This Transaction structure allows Tullow to continue to share upside in a discovery.
"ECO NOW SEEKS QUALIFIED PARTNERS in this high-value play AND HAS COMMENCED A FORMAL FARM-OUT PROCESS FOR THE BLOCK. Recent interest from supermajors and other well capitalized energy companies in the latest licencing bid round in Guyana, for blocks up dip of us, SUPPORTS OUR THESIS OF the oil migration and the HIGH QUALITY AND CHARGED RESERVOIRS WE SEE ON OUR BLOCK."
We've got the 60% and the formal farm out process has begun :)
Hopefully a steady rise over the coming weeks/months :)
The two triggers I mention depend on when the application for the environmental permit was made and when it can be expected to be completed. The company has cited Q4 as a benchmark.
As for the official announcement of the takeover, we already have an unofficial approval of the Tullow deal which gives us 75% of the concession in Guyana. The original timing was of course determined by when the deal was announced.
So comments about what happened a year ago are embarrassingly out of date.
What about "action"?
When the basic triggers are in place, an accumulated news flow takes place that deals with new settlements and their implementation in the respective concession.
Let's see what this means for the share price development from the levels we have now.
Mid 2024 before any action?
And this is different than a year ago how?
After the raise.
Significant triggers in the near term:
+ Environmental permit for 3B/4B in South Africa. We crossed this threshold last year and with Total's moves we can see the light at the end of the tunnel here.
Understandably crucial for the farm-out process.
+ A formal official approval of ECO's takeover of Tullow's stake in our Guyana block.
A formal prerequisite for the farm-out process there.
My personal opinion, which of course could be wrong, is that a farmout deal of the deep sea blocks in Namibia can wait until after these two farmouts.
These two announcements come without knowledge of when from our company management, as the licensing authorities own the timing.
Too much sudden promotion. It reeks of no progress and share raise pumping desperation.
There was no news for a long time, followed by a farm-down deal to get cash for ongoing costs - The deal wasn’t ratified on time.
All of a sudden, back-to-back promotions, presentations, and, on cue, directors skipping their Greggs sausage roll that day and buying shares instead.
Director buys have to be in context and in meaningful amounts, both at present red flags.
Why? Too small amounts to be serious; if something were about to happen, you would see meaningful buys. It’s a fraction of their compensation. And more importantly…
You can’t buy shares with insider information. Therefore, I presume all deals have fallen through.
With certainty, nothing is being discussed with relevant parties at present.
If they were in negations, they wouldn’t be in an open period and hence be able to buy shares…not a good sign.
Tullow is no longer operator of Orinduik, ECO is (subject to ratification by Guyana gov).
ECO Atlantic has awoken and I have just found this post which has an upbeat video with it.
https://www.proactiveinvestors.co.uk/companies/news/1030603/eco-atlantic-oil-gas-ceo-extremely-optimistic-with-company-s-prospects-in-guyana-sa-and-namibia-1030603.html?fbclid=IwAR1lK3kehH9pPEoic2pJGRztwD7bGivFAtQMv1syyhycgNSrUGuQWyWluh0
Directors have been buying since 18th Oct. Chief exec got them @ 9.5p 216,135. Also 22k @10.05 - 57k @ 17.5 CAD$ & 60k the same price. AGM 29th Dec. Loss of .7m posted last but no debt & cash reserve is higher at £4.3m. They have shared interests in fileds in Guana, Namibia & South Africa. One operator being Tullow Oil.
I'm going to search further for any news that will persuade me to buy into ECO again. Previous holding 2020 23.4p
Took my first position in ECO today. Been on my watch list for a very long time. Hoping for some positve news flow and some positive SP reaction over the next few months.
Hi Mav
16-32° API from a quick Google., so a mix but they were know for it bejng heavy. Heavy oil is still needed and Venezela and Russia (Urals) haven't had a problem selling it.
For Orinduik - take the Aoka Miza (HUR) 600k barrel FPSO - can it be one third filled with lighter sweeter crude from a carrier then the heavy sour stuff pumped in? 400k barrel cargo is still very valuable and you get the funds back paid for the 200k light sweet in the market.
The working life of the lines from seabed and pumping pipes is shorter but by how much? From the Hurricane days I recall this was only a small part of the CapEx raise. Alas, the website is no longer up so I can't check.
Perhaps not attractive to a major but for Eco very accretive and for a cash player they could possibly extract an excellent return they wouldn't get on other fields.
Smaller FPSO and crude carrier could do same and fields could produce for several years.
If 400m barrels doen there then it is $25bn plus gross at $61 oil
IJT, yes indeed, but doesnt Venezuela also have mostly heavy oil, where as the Exxon discoveries offshore Guyana are medium and lighter grades
Venezuela has enormous oil resources of its own but due to their totally corrupt and inept government are unable to exploit them.
It's not the oil they are jealous of, its the international companies coming to Guyana to explore and produce and the fact Guyana isn't sanctioned.
Part of the reason why ECO is down is the sabre rattling by neighbouring Venezuela, clearly they are unhappy at the size of the Guyana fields and want a bit of the action
All the director deals....dont make me laugh. Do you see how much they bought ?? @ 9p ffs. Spent about a week's wages they did.
Good to see all the director deals. Yes, the share purchase amounts are relatively low but nonetheless a positive sign.
This company just needs one positive drill result to be a game changer. Remember the share price after the Guyana discoveries.
Patience is needed and will be rewarded.